Tetra Tech raises FY22 expectations

Guidance up on the back of strong Q1 result

American engineering and consulting company Tetra Tech has raised its earnings expectation and the bottom end of its full-year revenue projection for fiscal 2022 after quarter-one revenue rose 12% year-on-year to US$859 million. CEO Dan Batrack said revenue, earnings and cash flow for the period were records.

California-based Tetra Tech (NASDAQ: TTEK) says it now expects FY22 net revenue to be in the $2.65-2.8 billion range, versus the $2.6-2.8 billion guidance it put out last November. FY21 net revenue came in at $2.55 billion.

FY22 earnings-per-share is now in the $4.15-4.30 range.

Cash generated from operations in Q1 was $82 million, up 148% yoy.

Tetra Tech said its order backlog at the end of December was $3.45 billion, up 8% yoy.

The company’s share price is down nearly 18% year-to-date at $140.93, capitalising it at $7.61 billion. The shares have more than doubled in value since March 2020.


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